Ellipsis Labs raises $21 million to develop Atlas, a blockchain for verifiable finance, supported by Haun Ventures and key investors.
Ellipsis Labs has raised a successful round of $21 million, led by Haun Ventures. Haun Ventures brings extensive expertise in scaling crypto companies. This funding round also saw participation from existing investors, including Electric Capital, Anatoly Yakovenko, and Paradigm.
With this capital infusion, Ellipsis Labs aims to further its mission of building the future of verifiable finance. Investors’ involvement aligns with Ellipsis Labs’ vision of making the financial sector more open and effective. As a result, this partnership is expected to increase the growth of Atlas, a blockchain for verifiable finance.
Atlas is not one of the blockchains, it is an extended result of the team’s experience in building financial infrastructure. The team at Ellipsis Labs previously created Phoenix, one of the most popular on-chain orderbook DEX. Phoenix has shown that a fully on-chain monetary system can be both efficient and large. It has become a foundation of DeFi infrastructure for demonstrating that efficient on-chain markets are possible with no need for pump-and-dump schemes.
Phoenix’s success shows that decentralized finance is possible in the Solana ecosystem. As Phoenix advances in contributing to Solana’s development, the lessons learned will be useful in Atlas’ development. This new blockchain is planned to be the platform for on-chain financial applications and is oriented toward a mass audience.
Ellipsis Labs Prepares to Transform Blockchain Finance with Atlas
In creating Atlas, Ellipsis Labs is determined to continue the legacy of sustainable market design. Instead of becoming a decentralized bank, they want to establish a reliable finance layer to enable different on-chain financial uses. This infrastructure will enable users to perform financial activities as they wish with much transparency.
Such ambitious goals will be possible with the support of Haun Ventures and other investors funding the company. As blockchain technology’s applications keep emerging, Ellipsis Labs is ready to become the pioneer of the verifiable finance movement.
Lastly, Ellipsis Labs’s $21 million fundraising can be considered a major achievement. As the company looks to Atlas in the near future, it is ready to reshape the future of finance on the blockchain. In addition, it will offer the instruments for evolution and success in the decentralized financial system.
